Type:
Bullish Bounce
Key Levels:
Resistance: 114.85
Pivot: 109.25
Support: 107.28
Preferred Case:
Prices are on bullish momentum. We see the potential for a further bullish continuation from our Pivot at 109.25 in line graphical overlap towards our 1st resistance at 114.85 in line which is an area of Fibonacci confluences. Our bullish bias is further supported by RSI being on bullish momentum.
Alternative Scenario:
If prices were to dip, they can potentially reach our 1st support at 107.28 in line with 61.8% Fibonacci projection.
Fundamentals:
With inflation still being an issue in the west and stalemate circumstances in the Russo-Ukraine crisis, we might still expect bullish upside on the commodity
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.